Chinese company Chromeni Steels Pvt Limited inked a Memorandum of Understanding (MoU) of three billion dollars (Rs 21,000 crore) to set up a facility to manufacture stainless steel and batteries for electric vehicles, said Jaiprakash Shivhare, managing director of Dholera Industrial City Development Ltd (DICDL) on Friday. He said that with first major investment coming in, other investors will soon follow and within about three years, the city will witness significant investment. Another Chinese company Nanjing Ruzhen Company Ltd will invest Rs 400 crore in Dholera Special Investment Region (SIR). Interacting with media persons on the sidelines of Vibrant Gujarat Summit on Friday, Shivhare said that the investment is likely to be realized in three years. "We are preparing all the necessary infrastructure. We were in need of an anchor investor. With the entry of Chromeni, our need is satisfied. Company's ancillary units will also be investing here. These are concrete plans, so the investment is coming. The company has sought 500 acres of land," said Shivhare. Nanjign Ruzhen Company Ltd is exploring setting up a facility to manufacture coaches of Metro trains. The company has sought 50-acre land parcel. The project is likely to generate 450 jobs. Shivhare also informed that DICDL has inked a MoU with Indian Institute of Technology — Delhi (IIT — Delhi) to enable Dholera to emerge as an incubator city. Dholera will act as a laboratory for new technologies that can be pilot tested and scaled up.

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